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July 17, 2014
09:38 EDTUALUnited Continental says expects to record special charges of $169M for Q2
The company said in a filing that it expects to record special charges of $169M for Q2. Special charges including costs associated with permanently grounding Embraer ERJ 135 aircraft: The company recorded $66M for the permanent grounding of 21 of the company’s Embraer ERJ 135 regional aircraft under lease through 2018, which includes an accrual for remaining lease payments and an amount for maintenance return conditions. As a result of the current fuel prices, new Embraer 175 regional jet deliveries and impact of pilot shortages at regional carriers, the company decided to permanently ground these 21 Embraer ERJ 135 aircraft. The company continues to operate nine Embraer ERJ 135 aircraft and will evaluate the possibility of grounding those aircraft when the current capacity purchase contracts end during the fourth quarter of 2014. he company recorded $32M related primarily to impairment of its flight equipment held for disposal associated with its Boeing 737-300 and 737-500 fleets. The company incurred losses on sales of aircraft and other assets and other special charges totaling $16M during the three months ended June 30, 2014.
News For UAL From The Last 14 Days
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March 5, 2015
14:07 EDTUALDelta, United, American renew subsidy allegations against Gulf carriers, FT says
Delta (DAL), United (UAL), and American Airlines (AAL) published details Thursday of the alleged $42B in home state subsidies to Qatar Airways, Emirates Airline, and Etihad Airways, demanding U.S. government officials open talks with the United Arab Emirates and Qatar over the alleged funding, reports the Financial Times, citing a person involved in the campaign. The source stated the U.S. is treating the claims seriously but has not yet chosen a course of action. The three U.S. carriers are also asking the government to freeze new passenger service during any potential talks. Reference Link
March 4, 2015
06:27 EDTUALUnited Airlines wants to use cash to buy aircraft in 2015, Reuters reports
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March 3, 2015
09:41 EDTUALUnited Continental sees Q1 PRASM down 1% to up 1%
United Continental sees 2015 capacity growth of 1.5%-2.5%. Sees 2015 non-fuel CASM flat to up 1%. United says on track to achieve $1B in non-fuel annual savings by 2017. United sees average capital expenditures of $2.7B-$2.9B over next 3 to 4 years. United says continuing to grow ancillary revenue. Sees ancillary revenue growing to $3.2B in 2015, with a 2017 target of $3.5B+. Guidance in slides for presentation at the 2015 J.P. Morgan Aviation, Transportation and Industrials Conference.
09:13 EDTUALUnited Airlines may buy more Boeing 777X planes, Reuters reports
United Airlines (UAL) is not interested in buying Boeing's (BA) new 777X aircraft in the near-term, but it thinks Boeing's older 777-300ER planes may be a good fit for it, the carrier's CFO, John Rainey, said, according to Reuters. The 777-300ER "could be a quick fix" for United in markets where the company requires additional seats, Reuters quoted Rainey as saying. Reference Link
07:18 EDTUALJPMorgan to hold a conference
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06:17 EDTUALUnited Airlines will no longer accept rechargeable battery shipments, AP reports
United Airlines became the second major U.S. airline to announce it will no longer accept bulk shipments of rechargeable batteries, reports the Associated Press. The airline said, "Our primary concerns when transporting dangerous goods are the safety of our customers, our customers' shipments and the environment." Reference Link
February 27, 2015
08:03 EDTUALUnited Continental now top pick among U.S. airlines, says UBS
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February 26, 2015
07:12 EDTUALUBS to hold a conference
Aerospace & Defense, Airlines & Lessors 1:1 Conference is being held in Boston on February 26.
06:36 EDTUALUnited Continental issues safety warning to pilots, WSJ says
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February 24, 2015
07:30 EDTUALJPMorgan to hold a conference
Global High Yield & Leveraged Finance Conference is being held in Miami Beach, FL on February 23-25 with webcasted company presentations to begin on February 24 at 7:40 am; not all company presentations may be webcasted. Webcast Link
06:29 EDTUALCriticism grows against U.S. airline attempts to limit Gulf airlines, WSJ says
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February 23, 2015
16:17 EDTUALBuckeye Partners reduces FY14 revenue by $40M due to settlement discussions
Buckeye Partners (BPL) announced revisions to its financial results for Q4 and FY14 due to a recent development. As has been previously disclosed, commencing in September 2012, Delta Air Lines (DAL), JetBlue (JBLU), United/Continental Air Lines (UAL), US Airways, and American Airlines (AAL) filed complaints with the Federal Energy Regulatory Commission challenging rates for transportation of jet fuel from New Jersey to three New York City area airports charged by Buckeye Pipe Line Company, an operating subsidiary of Buckeye. The Airlines are seeking payments for alleged past excessive charges and prospective tariff rate reductions. As the litigation has progressed, BPLC and the Airlines have continued to pursue settlement discussions. Due to positive developments in those settlement discussions subsequent to Buckeye's issuance of its 2014 earnings on Friday, February 6, Buckeye has recorded a reduction in revenue in the amount of $40M for the year ended December 31, 2014 in accordance with applicable accounting guidance regarding contingencies. This reduction in revenue is a one-time charge; therefore, Adjusted EBITDA and distributable cash flow for 2014 remain as reported on February 6th. The $40M is based upon a settlement offer made by BPLC to satisfy the claims for alleged past excessive charges through December 31, 2014, which offer has not been accepted by the Airlines. "While we continue to pursue settlement of this matter, we are not able to predict with certainty the final outcome of the proceeding, should it be carried through to its conclusion, or whether we can reach a satisfactory settlement and, if so, whether or not it will be on more or less favorable terms," the company said.
February 20, 2015
17:20 EDTUALUnited Continental says cooperating with government investigation
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